Company Law Bill [HL]

moved Amendment No. A87:"Page 281, line 42, leave out ““15 days”” and insert ““three months””" The noble Lord said: This is a simple amendment under which we seek to leave out the period of 15 days and replace it with three months. The purpose of this is to render the timescales for compliance with the requirements of this clause compatible with other clauses providing deadlines for the redenomination of share capital. Clause 578(5)(b) permits a redenomination of share capital to take effect at a later date than the date on which the resolution is passed, while Clause 578(4) contemplates that a resolution may be passed subject to conditions. As currently drafted, Clause 578(6) would allow a period of only 15 days for any conditions to be satisfied, which could make it quite difficult in practice for the clause to be implemented satisfactorily. We suggest that the 15-day period should be replaced with one of three months. I beg to move.